Regulators should focus more on the underlying critical service providers connecting institutions, such as telecoms and database providers, than on increased stress testing to ensure business continuity for the financial industry, according to panellists at Sibos.

Alan Goldstein, chief information officer for asset management and international at BNY Mellon, called for regulators to focus their efforts on the "plumbing" - the critical service providers that are common to all financial institutions but are not regulated under the same banner.